The multiple redundancies follow a 30-staff reduction at the Bermuda office, which took place in January 2009 after the firm was hit by the financial crisis, and a 25-staff lay off at the Cayman Island office.

“We will continue to maintain a clear local presence in Bermuda with a strong focus on local client management while leveraging the global centres of excellence we have established,” a spokesperson told this publication.

In other news, in July Butterfield Fulcrum appointed Michael Clark as its new chief executive officer and unveiled plans to create 40 new jobs over three years at its Dublin office.